In comparison, just a fifth of those aged 55 or over have a plan in place to reach their life targets.

On average, people think they will retire at 62, although women think they will be working until they reach 63 years of age - and men think they’ll be able to stop working at 61.

Respondents aged 25 to 34 reckon they would retire the earliest - 60 years old - while those aged 18 to 25 and those aged 35 to 44 think they’ll retire at 64.

Only one in 10 people have used a financial professional to help them plan for a successful retirement - although four in 10 said it was something they would consider.

Mr Pickford added: “Only three in 10 people in the UK say they have a plan in place. This means millions are in danger of not achieving their life goals and being unhappy or unfulfilled because of their failure to plan.”